After a spate of requests by Democrats and campaign finance groups for an IRS investigation of a number of section 501(c) organizations accused of abusing their status by engaging primarily in political advocacy, some Senate Republicans are pushing back:
Such a review threatens to “chill the legitimate exercise of
Yesterday, Elizabeth Warren, newly named as an adviser to the White House and Treasury Department on the Consumer Financial Protection Bureau, made her debut. She spoke at a forum on mortgage reform — on making information given to loan applicants cleaner and clearer, so that consumers more easily understand the More…
The foreclosure crisis is far from over. Rather, as this chart from Daniel Indiviglio at The Atlantic shows, it is in some ways just peaking. Last month, banks foreclosed on more homes than ever before. More than a million families are predicted to lose their homes this year.
Today, I’ll be covering a Treasury Department conference on the future of Fannie Mae and Freddie Mac, the government-sponsored enterprises that provide liquidity to the mortgage market and have required $150 billion in a taxpayer bailout so far.
Reform will prove difficult and will happen slowly because Fannie and More…
Last week, Fannie Mae announced it lost $1.2 billion in the second quarter and asked the Treasury Department for an additional $1.5 billion to see it through.
Despite Republican objections, congressional Democrats did not include reforms of Fannie Mae and Freddie Mac or of the broader mortgage market in the Dodd-Frank financial regulatory reform bill — now law. The administration has promised comprehensive reform but thus far has not named any objectives, costs More…
This week, the Treasury Department delivered a report on an Obama administration program to encourage businesses to hire the long-term unemployed. It is also calling on Congress to re-up the expiring program, as it spent less than initially estimated and therefore should not be much of a deficit More…
Today, Edward Pinto, Fannie Mae’s chief credit officer from 1987 to 1989 and a prominent housing consultant, testified before the House Oversight Committee on the question of whether loan servicers are doing enough to prevent foreclosure and preserve homeownership. His bottom line: The Treasury Department’s Home Affordable Modification Program, More…
The Obama administration homebuyer tax credit program granted $9.1 million to 1,295 prisoners who were incarcerated when they said they purchased their home. Many such discrepancies are identified in a report by the Treasury Department Inspector General for Tax Administration and Internal Revenue Service today.
“In swiftly making the More…
Today, Neal Wolin, the deputy secretary of the Treasury, gave a speech to the Financial Industry Regulatory Authority’s annual conference in Baltimore, and outlined five things Treasury will push for as the House and Senate financial regulatory reform bills go through conference committee.
First, we remain focused on an
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